La Salle Academy took a firm step into the future when La Salle New York City Inc. completed the sale of its administration building at 38 Second Ave. in Manhattan to Second and Second Property LLC for $14.5 million, the academy announced July 16.
The property, known as the Annex, offers 17,415 buildable square feet.
“This sale will benefit La Salle students far into the future,” said Brother Thomas Casey, F.S.C., president of La Salle Academy, in a statement.
A significant amount of sale proceeds will be earmarked in the academy’s endowment fund to boost the school’s financial stability and assist students with tuition assistance.
“This transaction will be a game-changer for La Salle Academy,” said Marty Cottingham, a graduate of La Salle Academy who serves as co-vice chairman of the board of trustees. “By earmarking a significant portion of the proceeds for the endowment, we are ensuring that the school will remain viable and continue to serve students for many years to come.”
Cottingham, principal of Avison Young, negotiated the sale with Brandon Polakoff, senior director of Avison Young.
La Salle, the oldest continuously running Lasallian school, is a college preparatory Catholic high school with about 300 students. It is one of the oldest boys’ Catholic high schools in New York City. The academy, serving students for more than 172 years, occupies the top three floors of St. George’s Ukrainian School on East Sixth Street, off Second Avenue.
The Annex was purchased by the academy in 1966 as additional space for its large student population at the time and served as the home of the De La Salle Christian Brothers’ community and offered office space for the school’s administrative staff since 2010.
La Salle Academy’s former school building and brothers’ residence on Second Street is being leased by Nord Anglia International School until at least 2025 and was not included with the sale of the Annex.